It is difficult to estimate the exact number of people who were let down by the LIC IPO, as the response to the IPO was mixed. A lot of small investors, who had applied for the IPO, were disappointed with the low allotment ratio and the lack of liquidity in the market. Furthermore, some investors also felt that the valuation of the company was too high. However, it is estimated that around 2.4 million applications were received for the LIC IPO, out of which only 1.6 million were allocated shares.
